The Greenback traded with decent gains against the backdrop of a generalized consolidative phase in the global markets, as the FX universe slowly shifted its attention to the release of US CPI next week.
Here is what you need to know on Wednesday, May 8: The USD Index advanced modestly and managed to revisit the 105.40 region amidst still declining US yields. On May 8, the weekly Mortgage Applications by MBA are due seconded by Wholesale Inventories and speeches by Fed ’s Jefferson, Collins and Cook. The resurgence of some selling impetus motivated EUR/USD to return to the 1.0750 zone and give away part of its recent positive streak.
Next on tap in the UK docket will be the BoE gathering on May 9. Further JPY selling sponsored the second consecutive daily advance in USD/JP, this time reclaiming the area beyond the 154.00 yardstick. On May 8, weekly Foreign Bond Investment prints are expected. AUD/USD appears to have met quite a decent resistance around the 0.6650 region so far. Following the RBA meeting earlier on Tuesday, the next significant release will be the Wage Price Index on May 15.
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